Fortescue Metals Group Limited
(ASX:FMG) has celebrated the opening of the Firetail iron ore mine at its Solomon development in the Pilbara.
CEO Nev Power says the opening of the first stage of the $3.2 billion development was a major component of Fortescue’s production expansion slated for the end of this calendar year.
Mr Power says Firetail’s 20 annual mega tonne capacity represents a valuable source of new production from a long life, low cost mining operation.
Firetail is Fortescue’s third mine opening in five years, a milestone that Mr Power says consolidates its position as a world leading producer and vital supplier for its Asian customers.
The second stage of the development, Kings mine, is expected to produce 40 mega tonnes per annum, which in addition to Firetail will comprise Fortescues 155 mega tonne expansion target for years end.
Fortescue Metals Group generated a net profit of $460.3 million in the first half of the 2013 financial year.
